Implications of UAE corporate tax in focus

Implications of UAE corporate tax in focus

Taxation Society meeting discusses various aspects of the law

The main panellists at the meeting. - Supplied photo

Published: Fri 3 Mar 2023, 5:21 PM

A joint session on forthcoming UAE Corporate Tax (CT) in coordination with India Club, Dubai, Indian Business and Professional Council (IBPC) and Taxation Society, a not for profit tax association was held at India Club on Thursday with over 200 businessmen and professionals attending the event.

Siddharth Balachandran, honorary chairman, India Club welcomed the members and wishes more such sessions as the topic was very new and impactful. Anurag Chaturvedi, CEO, Andersen, UAE and chairman, II UAE Dubai Chapter spoke about the tax residency rules. He said: “A person staying in UAE for a period of 183 days or more in a year will be considered as a ‘Tax Resident’. For GCC nationals, the period of stay is 90 days,” He also emphasised on the new tax procedures that me into effect from March 1. “As per the procedures, now the companies must do voluntary disclosure even in the ses where the VAT impact is zero,” he added.

Naveen Sharma, co-founder of Taxation Society and honorary cultural events director, India Club, said the Taxation society will bring in various organisations